TRIG sells three onshore wind farms in Ireland

It said the three wind farms in question boasted a combined capacity of 35MW, and were relatively older installations, approaching the end of their anticipated operational lifespans.

The FTSE 250 company’s decision to sell its complete equity interest in the projects was reportedly influenced by the potential that Statkraft saw for extending the operational life of the farms, and possibly repowering them for improved performance.

TRIG said the projects had seen considerable improvements in their operational performances over the years, thanks to active management by Renewable Energy Systems (RES), which acts as the operations manager for TRIG.

Several value-enhancing steps had been undertaken, including vigilant monitoring and the refurbishing of parts, which had effectively brought down costs and limited operational downtimes.

Advanced equipment and software was also integrated to oversee control and monitor conditions, leading to heightened overall performance.

Finally, the terms of power purchase agreements had been fine-tuned in a bid to bolster revenues.

TRIG's stewardship of the wind farms had lasted roughly a decade.

In that time, the wind farms had produced a significant volume of clean energy, contributing to a reduction of approximately 300,000 tonnes in carbon emissions.

The board said the disposal remained subject to regular clearance procedures.

“Balance sheet discipline is crucial in a challenging macroeconomic environment,” said Richard Crawford, head of energy income funds at TRIG’s investment manager InfraRed Capital Partners.

“These accretive disposals underline the quality of the company's portfolio.

“We remain confident in TRIG's long-term strategy and continue to actively seek ways to deliver value for shareholders through capital allocation.”

Reporting by Josh White for Sharecast.com.